Arizona medical office building sold for $31.75M

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Physicians Realty Trust, a healthcare real estate company, has purchased HonorHealth's newly built medical office building in Phoenix for $31.75 million, according to the Phoenix Business Journal.

The transaction, which closed Sept. 24, comes with a 50-year ground lease with two options to extend for 15 and 10 years for a total of 75 years, according to the report.

Physicians Realty Trust will manage the 60,000-square-foot medical office building while leasing the ground from HonorHealth.

The medical office building is 84 percent occupied and is adjacent to HonorHealth's Sonoran Crossing Medical Center, a $170 million facility that opened in 2020.

With about 3,700 affiliated physicians, Scottsdale, Ariz.-based HonorHealth owns a network of outpatient surgery centers, a medical group and a care network, and owns and operates six hospitals in the region.

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